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Mid life career change to Financial Planning

Discussion in 'Financial Planning Study Group' started by oldchanger, 8th Jul, 2008.

  1. oldchanger

    oldchanger New Member

    Joined:
    8th Jul, 2008
    Posts:
    2
    Location:
    country, NSW
    Hi Everyone,

    I'm considering changing my career to becoming a financial planner. I would love to hear from people who have had a similar career change and any difficulties that I can expect. I know about the FINSIA/Kaplan etc qualifications I need and I actually enjoy study so gaining a qualification is not an impediment.

    I am 41 years old and have worked in the medical field since I finished university so I am pretty good at communicating difficult issues with people. Currently I earn about $90,000 pa and am not considering a change for the money, but as I have kids and a mortgage I would like to know if it is likely that I would be able to match my current income in the not too distant future. Because I am older and have debts, I can't really afford to have a lower income for too long before increasing my income to a similar level to what I earn now.

    I live on the North Coast of NSW and realise that my options are limited compared with those living in the cities. Does any one have experience of progressing to become a planner in regional areas? What is a likely career path and timeframe?

    I'd love some feedback so I can decide if a career change would be a realistic thing for me, or if I should just maintain my current job and invest as much money as I can and retire early.
     
  2. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    Oldchanger

    I think you've answered your question with your last sentence.
    If it was me I'd probably stick to the medical field.
    At least it's an area with good pay and plenty of work.

    I don't know what the financial planners make these days.
    It's an interesting area but you'd hate it when your advise/investments don't go as expected.
    Also, how do you feel about moving to a city and what does your other half think of this?

    Cheers
     
  3. crc_error

    crc_error The Rule of 72

    Joined:
    1st May, 2007
    Posts:
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    Location:
    Melbourne, VIC
    Didn't warren tell us to 'stick to what your good at'?

    I would stay in Medical and invest as much as possible.. unless you hate it and need to get out...
     
  4. salsa

    salsa Well-Known Member

    Joined:
    23rd Oct, 2005
    Posts:
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    Location:
    Brisbane
    Oldchanger.
    Same with others, unless you really hate your profession, I would say stay there, invest hard IN THE NEXT 10 YEARS, then change career once you have some passive income. You can then do fin planning, or what ever, for the love of it not for money even :) - 51 is still very very young these days ...;)
    (I was 41 ten years ago and had that same thought of changing career, just like you have described ...)
     
  5. Insight

    Insight Brisbane Buyers Agent

    Joined:
    24th Sep, 2006
    Posts:
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    Location:
    Brisbane
    I'm interested in what a financial planner can earn.

    I have considered this course of study as well.
     
  6. Tropo

    Tropo Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    3,394
    Location:
    NSW


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    And ....Financial Planner Earnings, Satisfaction Measured in Survey
     
  7. Insight

    Insight Brisbane Buyers Agent

    Joined:
    24th Sep, 2006
    Posts:
    229
    Location:
    Brisbane
    Better of sticking to my current job then, thanks for the links.
     
  8. oldchanger

    oldchanger New Member

    Joined:
    8th Jul, 2008
    Posts:
    2
    Location:
    country, NSW
    Thanks for the replies.
    I guess I should hold off for a while. It's probably not the best time to be voluntarily taking a drop in income at the moment with the outlook on when and how quickly interest rates fall being so uncertain.
     
  9. Young Gun

    Young Gun Guest

    look if your genuinely interested in becoming a financial planner I'd say go for it. Yes you may have to take an initial pay cut. but within 2-3 years of working as one you should be able to earn what your earning now.

    there is a shortage of financial planners and as such we are in demand. I know for a fact I could quit my job today and have 5 offers within an hour paying much more than I'm getting now.

    a financial planner in Adelaide with 2-3 years experience would expect to earn $80,000 pa + bonuses.

    over 3 years and your potential income is unlimited, depending on how hard you work. plus depending where you work you can have the option to buy equity in the business or branch out and start your own business.

    I know my boss whose been a Financial planner for 15 years would earn around $300K pa and have a business worth $1 Million +.

    In essence Financial Planning is a sales based role, if you don't work hard you don't earn alot. There are easier ways to make money.

    go here for pay scales http://www.hays.com.au/salary/pdfs08/Banking.pdf

    frankly I wouldn't do anything else I really enjoy my job. I mean what other job lets you meet new people everyday, sit down with them have a coffee and a chat and at the end of it potentially get paid.